08 Oct Principles of Accounting 1 Asset turnover
Principles of Accounting 1
Asset turnover
Cost of merchandise sold
Gross profit
Merchandise inventory
Operating cycle
Sales
Inventory Shrinkage/Shortage
Question 2Cash refund
Credit memorandum
Credit period
Credit terms
Customer allowance
O. Returns to the seller by the customer or reductions from the initial selling price due to defective or damaged merchandise or goods that did not meet the customer’s expectations.
Customer disounts
Customer refunds payable
Debit memorandum
Estimated returns inventory
FOB (free on board) destination
FOB (free on board) shipping point
Invoice
Periodic inventory system
Perpetual inventory system
Physical inventory
Purchases discounts
Purchases returns and allowances
Sales discounts
Trade discounts
Wholesalers
Question 3Net method
Subsidiary ledger
General ledger
Controlling account
Accounts receivable subsidiary ledger
Accounts payable subsidiary ledger
Inventory subsidiary ledger
Special journals
Question 4Administrative expenses
Income from operations
Multi-step income statement
Other expense
Other revenue
Selling expense
Single step income statement
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